Words, Phrases & Definitions



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L

Laches - Inexcusable delay in asserting a right.

Landowner's Royalty - An interest in unsevered oil and gas granted to a third person or reserved by a landowner on occasion of his/her alienation of an interest in real property.

Land Contract - An agreement entered into for the sale and purchase of land.

Lands, Tenements, Hereditaments - Inheritable lands or interests in them.

Latent - Concealed.

Lateral Support - The support the soil gives to the land of an adjacent owner.

Lease - A writing constituting a conveyance of real property form a term of years and a contract for its possession during that term.

Leasehold - The estate for years created by a lease.

Legacy - A gift of personal property by will.

Legal Description - A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.

Legatee - A person to whom personal property is given by will.

Lessee - The person acquiring an estate for years in a lease.

Lessor - The person transferring an estate for years in a lease.

Letters of Administration - Formal written evidence of court appointment of a personal representative of the estate of an intestate decedent.

Letters of Conservatorship - Formal written evidence of court appointment of a conservator of the person, or of the estate, or of the person and estate of a conservatee.

Letters of Guardianship - Formal written evidence of court appointment of a guardian for the person, estate, or person and estate of a minor or of an incompetent.

Letters of Testamentary - Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.

Levy - Seizure of property by judicial process.

Lien - A charge upon property for the purpose of securing the payment or discharge of a debt or obligation.

Life Beneficiary - A person entitled to receive a benefit for life.

Life Estate - An estate measured in duration by the lifetime of a natural person.

Limitations, Statutes of - Statutes limiting the time within which parties having a cause of action must institute proceedings to enforce the same.

Lineal - In a direct line.

Lis Pendens - A recorded notice of the pendency of an action.

Lite Pendente - While the action is pending.

Littoral - Pertaining to the shore.

Living Trust - A trust becoming operative in the lifetime of the person creating it.

Loan Policy - A policy of title insurance insuring the interest of a lender.

Lock-In-Clause - A loan provision specifying a period during which no repayment is permitted.

Loss Payable Clause - An endorsement to an insurance (fire) policy specifying parties (lenders) entitled to participate in proceeds in the event of loss.

L.S. - Abbreviation for "locus sigilli" meaning the place for a seal.

Lot Split - Ordinarily, sale of a portion of a parcel of land.

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